HSBC, IFC sign US$1 billion facility to support trade financing in emerging markets
By Cheryl Arcibal
HSBC and the International Finance Corporation (IFC) signed a US$1-billion partnership to help banks in emerging markets increase their lending to support trade.
The risk-sharing facility between one of Hong Kong’s currency-issuing banks and the private sector financing arm of the World Bank will cover trade-related assets held by banks in 20 countries in Africa, Asia, Latin America and the Middle East.
The facility has been set up under IFC’s global trade liquidity programme (GTLP), which was established to address the growing trade finance gap in emerging markets.
“Trade finance is the fuel that powers the global economic engine,” said Aditya Gahlaut, co-head of global trade solutions for Asia-Pacific at HSBC. “Our partnership with IFC will help ensure that trade finance gets to where it is needed [and] that funding is directed to a segment crucial to job creation and economic growth in many emerging markets.”
Reducing the trade finance gap and improving access to finance will be central to fostering growth and sustainability across Asia and the region’s supply chains, he added.
Over the last three decades, global trade has increased by an average of 5 per cent a year, but demand for trade finance has outpaced supply, particularly in emerging markets.
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By Cheryl Arcibal
HSBC and the International Finance Corporation (IFC) signed a US$1-billion partnership to help banks in emerging markets increase their lending to support trade.
The risk-sharing facility between one of Hong Kong’s currency-issuing banks and the private sector financing arm of the World Bank will cover trade-related assets held by banks in 20 countries in Africa, Asia, Latin America and the Middle East.
The facility has been set up under IFC’s global trade liquidity programme (GTLP), which was established to address the growing trade finance gap in emerging markets.
“Trade finance is the fuel that powers the global economic engine,” said Aditya Gahlaut, co-head of global trade solutions for Asia-Pacific at HSBC. “Our partnership with IFC will help ensure that trade finance gets to where it is needed [and] that funding is directed to a segment crucial to job creation and economic growth in many emerging markets.”
Reducing the trade finance gap and improving access to finance will be central to fostering growth and sustainability across Asia and the region’s supply chains, he added.
Over the last three decades, global trade has increased by an average of 5 per cent a year, but demand for trade finance has outpaced supply, particularly in emerging markets.
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Baidu-backed Chinese EV maker Jiyue to cut operations, payroll to survive brutal race
By Daniel Ren
Jiyue, a premium electric vehicle (EV) maker backed by Chinese search-engine firm Baidu, will downsize its operations while pursuing fresh capital to withstand vicious competition.
Projects that do not improve the company’s financial health will be scrapped, and some business units will be merged to avoid redundancy of human resources, the Shanghai-based carmaker said in a statement on Wednesday.
“We will make all-out efforts to focus on our goals to improve efficiency in operation and management,” the statement said. “All measures will be taken to adapt to the new situations amid the rebirth of the company.”
The statement came after speculation on social media in mainland China that Jiyue had edged closer to liquidation due to poor sales in the world’s largest EV market, which is crowded with more than 50 major players.
In a letter to employees on Wednesday, CEO Xia Yiping admitted that the company was under pressure to stay afloat, and said that a drastic revamp of existing operating units would be pivotal to Jiyue’s fate.
“The management will do its best to overcome difficulties,” he said in the letter seen by the Post. “The restructuring plan has received full understanding and full support from the shareholders.”
The CEO did not elaborate on which business units would cease or how many employees would be affected.
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By Daniel Ren
Jiyue, a premium electric vehicle (EV) maker backed by Chinese search-engine firm Baidu, will downsize its operations while pursuing fresh capital to withstand vicious competition.
Projects that do not improve the company’s financial health will be scrapped, and some business units will be merged to avoid redundancy of human resources, the Shanghai-based carmaker said in a statement on Wednesday.
“We will make all-out efforts to focus on our goals to improve efficiency in operation and management,” the statement said. “All measures will be taken to adapt to the new situations amid the rebirth of the company.”
The statement came after speculation on social media in mainland China that Jiyue had edged closer to liquidation due to poor sales in the world’s largest EV market, which is crowded with more than 50 major players.
In a letter to employees on Wednesday, CEO Xia Yiping admitted that the company was under pressure to stay afloat, and said that a drastic revamp of existing operating units would be pivotal to Jiyue’s fate.
“The management will do its best to overcome difficulties,” he said in the letter seen by the Post. “The restructuring plan has received full understanding and full support from the shareholders.”
The CEO did not elaborate on which business units would cease or how many employees would be affected.
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Singapore’s Tada launches in Hong Kong, driving fresh competition with Uber
By Oscar Liu
A Singapore-based ride-hailing service provider has launched in Hong Kong ahead of a government plan to regulate operators, with the newcomer providing fresh competition for market leader Uber.
Tada, which touts a zero-commission model for drivers, began operating in the city on Thursday and will allow customers to pay by cash or credit card in its beta launch covering Hong Kong Island, Kowloon and the airport.
The platform will not serve the New Territories.
The Transport and Logistics Bureau in July proposed to establish regulations for ride-hailing services next year, which would focus on overseeing online platforms and strengthening penalties for violations.
Newly appointed transport minister Mable Chan said on Sunday she would prioritise residents’ needs when designing regulations.
She noted that residents valued the convenience and service provided by point-to-point transport and said she hoped to bring about positive changes by listening to different industries and the public.
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By Oscar Liu
A Singapore-based ride-hailing service provider has launched in Hong Kong ahead of a government plan to regulate operators, with the newcomer providing fresh competition for market leader Uber.
Tada, which touts a zero-commission model for drivers, began operating in the city on Thursday and will allow customers to pay by cash or credit card in its beta launch covering Hong Kong Island, Kowloon and the airport.
The platform will not serve the New Territories.
The Transport and Logistics Bureau in July proposed to establish regulations for ride-hailing services next year, which would focus on overseeing online platforms and strengthening penalties for violations.
Newly appointed transport minister Mable Chan said on Sunday she would prioritise residents’ needs when designing regulations.
She noted that residents valued the convenience and service provided by point-to-point transport and said she hoped to bring about positive changes by listening to different industries and the public.
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Trump invites China’s Xi Jinping to attend his inauguration, US news report says
By Reuters
US president-elect Donald Trump has invited Chinese President Xi Jinping to attend his inauguration next month, CBS News reported on Wednesday, citing multiple sources.
The report said it is not clear if Xi has accepted the invitation.
More to follow …
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By Reuters
US president-elect Donald Trump has invited Chinese President Xi Jinping to attend his inauguration next month, CBS News reported on Wednesday, citing multiple sources.
The report said it is not clear if Xi has accepted the invitation.
More to follow …
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UN General Assembly overwhelmingly demands immediate Gaza ceasefire
By Reuters
The United Nations General Assembly overwhelmingly voted on Wednesday to demand an immediate, unconditional and permanent ceasefire between Israel and Palestinian militants Hamas in the Gaza Strip and the immediate release of all hostages.
The ceasefire demand in the resolution – adopted with 158 votes in favour in the 193-member assembly – was expressed in more urgent language than one urging an immediate humanitarian truce in Gaza that the body “called for” in October 2023 then “demanded” in December 2023.
General Assembly resolutions are not binding but carry political weight, reflecting a global view on the war. The United States, Israel and seven other countries voted against the ceasefire resolution, while 13 countries abstained.
The world body also threw its support behind the UN Palestinian relief agency UNRWA, adopting a second resolution with 159 votes in favour to deplore a new Israeli law that will ban UNRWA’s operations in Israel from late January.
It demanded that Israel respect UNRWA’s mandate and “enable its operations to proceed without impediment or restriction”. The US, Israel and seven other countries voted no, while 11 countries abstained.
“The messages we send to the world through these resolutions matter. And both of these resolutions have significant problems,” Deputy US Ambassador to the UN Robert Wood told the assembly.
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By Reuters
The United Nations General Assembly overwhelmingly voted on Wednesday to demand an immediate, unconditional and permanent ceasefire between Israel and Palestinian militants Hamas in the Gaza Strip and the immediate release of all hostages.
The ceasefire demand in the resolution – adopted with 158 votes in favour in the 193-member assembly – was expressed in more urgent language than one urging an immediate humanitarian truce in Gaza that the body “called for” in October 2023 then “demanded” in December 2023.
General Assembly resolutions are not binding but carry political weight, reflecting a global view on the war. The United States, Israel and seven other countries voted against the ceasefire resolution, while 13 countries abstained.
The world body also threw its support behind the UN Palestinian relief agency UNRWA, adopting a second resolution with 159 votes in favour to deplore a new Israeli law that will ban UNRWA’s operations in Israel from late January.
It demanded that Israel respect UNRWA’s mandate and “enable its operations to proceed without impediment or restriction”. The US, Israel and seven other countries voted no, while 11 countries abstained.
“The messages we send to the world through these resolutions matter. And both of these resolutions have significant problems,” Deputy US Ambassador to the UN Robert Wood told the assembly.
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Chinese citizen arrested for flying drone over US Space Force base
By Agence France-Presse
A Chinese citizen has been charged with flying a drone over Vandenberg Space Force Base in California where he is alleged to have recorded images of the military facility, the US Justice Department said Wednesday.
Yinpiao Zhou, 39, was arrested as he readied to board a flight to China from San Francisco, authorities said.
“This defendant allegedly flew a drone over a military base and took photos of the base’s layout, which is against the law,” United States Attorney Martin Estrada said.
“The security of our nation is of paramount importance and my office will continue to promote the safety of our nation’s military personnel and facilities.”
Charging documents say detection systems at Vandenberg tracked a drone as it flew about 1.6km (one mile) above the facility in late November.
Security personnel at the base, which is the launch site for space missions – including Elon Musk’s SpaceX Falcon 9 rockets – as well as missile tests, traced the drone to a nearby public park where they allegedly found Zhou with the device concealed in his jacket.
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By Agence France-Presse
A Chinese citizen has been charged with flying a drone over Vandenberg Space Force Base in California where he is alleged to have recorded images of the military facility, the US Justice Department said Wednesday.
Yinpiao Zhou, 39, was arrested as he readied to board a flight to China from San Francisco, authorities said.
“This defendant allegedly flew a drone over a military base and took photos of the base’s layout, which is against the law,” United States Attorney Martin Estrada said.
“The security of our nation is of paramount importance and my office will continue to promote the safety of our nation’s military personnel and facilities.”
Charging documents say detection systems at Vandenberg tracked a drone as it flew about 1.6km (one mile) above the facility in late November.
Security personnel at the base, which is the launch site for space missions – including Elon Musk’s SpaceX Falcon 9 rockets – as well as missile tests, traced the drone to a nearby public park where they allegedly found Zhou with the device concealed in his jacket.
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US House advances defence bill that bans Chinese goods from tech to garlic
By Bochen Han
Legislation banning everything from Chinese laser-based navigation technology to Chinese garlic has passed the US House of Representatives and is set to become law by the end of the year.
The House advanced Congress’s annual defence bill, known as the National Defence Authorisation Act (NDAA), on Wednesday by a vote of 281-140. The Senate is expected to vote on the US$884 billion measure by next week before US President Joe Biden signs it into law.
The NDAA, which establishes the top-line budget and directs policy for the Pentagon, is a “must-pass” bill because its enactment is required for members of the military to receive their pay and benefits on time. As a result, provisions not strictly tied to defence often make it into the legislation.
As has been the case in past years, the NDAA for the 2025 fiscal year is ripe with measures related to competing with and countering China.
Among other procurement restrictions, the bill bans the Pentagon from operating or contracting for light detection and ranging (lidar) technology manufactured in or using operating software developed in China.
“Lidar, a remote sensing technology with both military and civilian applications, stands at the centre of Beijing’s bid for technological superiority,” said the Foundation for the Defence of Democracies, a Washington-based think tank.
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By Bochen Han
Legislation banning everything from Chinese laser-based navigation technology to Chinese garlic has passed the US House of Representatives and is set to become law by the end of the year.
The House advanced Congress’s annual defence bill, known as the National Defence Authorisation Act (NDAA), on Wednesday by a vote of 281-140. The Senate is expected to vote on the US$884 billion measure by next week before US President Joe Biden signs it into law.
The NDAA, which establishes the top-line budget and directs policy for the Pentagon, is a “must-pass” bill because its enactment is required for members of the military to receive their pay and benefits on time. As a result, provisions not strictly tied to defence often make it into the legislation.
As has been the case in past years, the NDAA for the 2025 fiscal year is ripe with measures related to competing with and countering China.
Among other procurement restrictions, the bill bans the Pentagon from operating or contracting for light detection and ranging (lidar) technology manufactured in or using operating software developed in China.
“Lidar, a remote sensing technology with both military and civilian applications, stands at the centre of Beijing’s bid for technological superiority,” said the Foundation for the Defence of Democracies, a Washington-based think tank.
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More aircraft, more ships, more often: how the PLA is pressuring Taiwan’s defences
By Hayley Wong
In the first of a three-part series examining mainland China’s increasing military presence around Taiwan, the Post details how coordinated air force, navy and coastguard drills and patrols have intensified over the past 18 months and what it could mean for the self-governed island’s defences.
Decades after a civil war in the middle of the 20th century led to the foundation of the People’s Republic of China, tensions between mainland China and Taiwan are surging again. Despite Beijing’s repeated calls over the years for peaceful reunification the military option has never been taken off the table.
The People’s Liberation Army (PLA) – so named by the Communist Party as a reference to its seizure of cities during the conflict – has been increasingly active around Taiwan.
Strains between Beijing and Taipei have intensified since the independence-leaning Democratic Progressive Party’s William Lai Ching-te was elected as the island’s leader.
With Lai now six months into his term, a tally by the Post, based on the almost-daily figures released by the island’s defence ministry, has revealed how the PLA turned up its pressure on the island since Lai was sworn in in May.
The analysis, which examined tracking data from the past 18 months, showed that the PLA has deployed more aircraft, increasingly closer to the island, with a higher number of sorties, and a higher percentage of those sorties, crossing the median line that divides the Taiwan Strait.
The military exercises are becoming increasingly comprehensive, with blockade manoeuvres and “island encirclement patrols” becoming routine, covering more of the island, including the strategic east of the island, where the Taiwanese military intends to deploy key assets such as submarines.
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By Hayley Wong
In the first of a three-part series examining mainland China’s increasing military presence around Taiwan, the Post details how coordinated air force, navy and coastguard drills and patrols have intensified over the past 18 months and what it could mean for the self-governed island’s defences.
Decades after a civil war in the middle of the 20th century led to the foundation of the People’s Republic of China, tensions between mainland China and Taiwan are surging again. Despite Beijing’s repeated calls over the years for peaceful reunification the military option has never been taken off the table.
The People’s Liberation Army (PLA) – so named by the Communist Party as a reference to its seizure of cities during the conflict – has been increasingly active around Taiwan.
Strains between Beijing and Taipei have intensified since the independence-leaning Democratic Progressive Party’s William Lai Ching-te was elected as the island’s leader.
With Lai now six months into his term, a tally by the Post, based on the almost-daily figures released by the island’s defence ministry, has revealed how the PLA turned up its pressure on the island since Lai was sworn in in May.
The analysis, which examined tracking data from the past 18 months, showed that the PLA has deployed more aircraft, increasingly closer to the island, with a higher number of sorties, and a higher percentage of those sorties, crossing the median line that divides the Taiwan Strait.
The military exercises are becoming increasingly comprehensive, with blockade manoeuvres and “island encirclement patrols” becoming routine, covering more of the island, including the strategic east of the island, where the Taiwanese military intends to deploy key assets such as submarines.
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A world in crisis needs a smooth US presidential transition
By Hao Nan
On December 7, South Korea’s President Yoon Suk-yeol survived an impeachment motion following his abrupt declaration of martial law on December 3. Yoon had attempted to paint the liberal-left opposition as pro-communist and a threat to South Korea’s democracy but this failed to resonate with the public.
While 18 legislators from the ruling People Power Party joined opposition parties to nullify the declaration, lawmakers could not get enough defectors from Yoon’s party to reach the constitutionally required two-thirds majority for impeachment.
Nevertheless, Yoon’s administration is unlikely to advance any meaningful agenda in this climate. The implications of South Korea’s political paralysis extend beyond its borders. Indeed, the crisis is part of a broader, dangerous pattern emerging in the weeks leading up to the US presidential transition on January 20.
US President Joe Biden’s administration, rather than operating as a lame-duck government, has taken aggressive measures on several fronts, from escalating sanctions on China’s semiconductor industry to authorising Ukraine to use US advanced weapons that are capable of striking Russian territory. These moves, though perhaps well intentioned, could provoke significant blowback for Donald Trump’s incoming administration and complicate any efforts to recalibrate US foreign policy.
South Korea’s foreign policy trajectory under Yoon has already dramatically shifted. His administration has aligned closely with US-led Indo-Pacific strategies to counter China, extended US nuclear deterrence on the Korean peninsula and abandoned inter-Korean rapprochement. Yoon has also effectively internationalised tensions with North Korea by supporting Nato’s position on Ukraine.
Now, South Korea’s paralysis threatens the US-Japan-South Korea trilateral security partnership and risks creating a power vacuum on the Korean peninsula. North Korea could escalate tensions, especially with its comprehensive strategic partnership treaty with Moscow now in effect. The regional balance could collapse without South Korea’s participation, weakening US influence in East Asia at a critical juncture.
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By Hao Nan
On December 7, South Korea’s President Yoon Suk-yeol survived an impeachment motion following his abrupt declaration of martial law on December 3. Yoon had attempted to paint the liberal-left opposition as pro-communist and a threat to South Korea’s democracy but this failed to resonate with the public.
While 18 legislators from the ruling People Power Party joined opposition parties to nullify the declaration, lawmakers could not get enough defectors from Yoon’s party to reach the constitutionally required two-thirds majority for impeachment.
Nevertheless, Yoon’s administration is unlikely to advance any meaningful agenda in this climate. The implications of South Korea’s political paralysis extend beyond its borders. Indeed, the crisis is part of a broader, dangerous pattern emerging in the weeks leading up to the US presidential transition on January 20.
US President Joe Biden’s administration, rather than operating as a lame-duck government, has taken aggressive measures on several fronts, from escalating sanctions on China’s semiconductor industry to authorising Ukraine to use US advanced weapons that are capable of striking Russian territory. These moves, though perhaps well intentioned, could provoke significant blowback for Donald Trump’s incoming administration and complicate any efforts to recalibrate US foreign policy.
South Korea’s foreign policy trajectory under Yoon has already dramatically shifted. His administration has aligned closely with US-led Indo-Pacific strategies to counter China, extended US nuclear deterrence on the Korean peninsula and abandoned inter-Korean rapprochement. Yoon has also effectively internationalised tensions with North Korea by supporting Nato’s position on Ukraine.
Now, South Korea’s paralysis threatens the US-Japan-South Korea trilateral security partnership and risks creating a power vacuum on the Korean peninsula. North Korea could escalate tensions, especially with its comprehensive strategic partnership treaty with Moscow now in effect. The regional balance could collapse without South Korea’s participation, weakening US influence in East Asia at a critical juncture.
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FBI Director Christopher Wray to resign before being fired by Trump
By Reuters
FBI Director Christopher Wray will step down from his post early next year, the bureau said on Wednesday, after Republican US president-elect Donald Trump signalled his intent to fire the veteran official and replace him with firebrand Kash Patel.
Trump himself had appointed Wray, a fellow Republican, to his 10-year term in 2017, after firing his predecessor James Comey, who the then-US president soured on over the FBI’s investigations into alleged contacts between his 2016 campaign and Russia.
“After weeks of careful thought, I’ve decided the right thing for the bureau is for me to serve until the end of the current Administration in January and then step down,” Wray told FBI employees today, the agency said in a statement.
In a statement, Patel said he looks forward to a “smooth transition”. “I will be ready to serve the American people on day one,” he said.
Trump and his hardline allies turned on Wray, and the FBI more generally, after agents conducted a court-approved search of Trump’s Florida resort in 2022 to recover classified documents that he had retained after leaving office.
That sparked one of two federal prosecutions Trump faced while out of power, neither of which went to trial. Trump denied wrongdoing and described all the cases against him as politically motivated. Federal prosecutors ended their efforts after his election, citing long-standing US Justice Department policy not to prosecute a sitting president.
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By Reuters
FBI Director Christopher Wray will step down from his post early next year, the bureau said on Wednesday, after Republican US president-elect Donald Trump signalled his intent to fire the veteran official and replace him with firebrand Kash Patel.
Trump himself had appointed Wray, a fellow Republican, to his 10-year term in 2017, after firing his predecessor James Comey, who the then-US president soured on over the FBI’s investigations into alleged contacts between his 2016 campaign and Russia.
“After weeks of careful thought, I’ve decided the right thing for the bureau is for me to serve until the end of the current Administration in January and then step down,” Wray told FBI employees today, the agency said in a statement.
In a statement, Patel said he looks forward to a “smooth transition”. “I will be ready to serve the American people on day one,” he said.
Trump and his hardline allies turned on Wray, and the FBI more generally, after agents conducted a court-approved search of Trump’s Florida resort in 2022 to recover classified documents that he had retained after leaving office.
That sparked one of two federal prosecutions Trump faced while out of power, neither of which went to trial. Trump denied wrongdoing and described all the cases against him as politically motivated. Federal prosecutors ended their efforts after his election, citing long-standing US Justice Department policy not to prosecute a sitting president.
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Gun found on US CEO shooting suspect matches shell casings at scene, police say
By Associated Press
The gun found on the suspect in the killing of United Healthcare’s CEO matched shell casings found at the site of the shooting, New York’s police commissioner said on Wednesday.
Suspect Luigi Mangione’s fingerprints also matched a water bottle and a protein bar wrapper that police found near the scene and that officials say the gunman bought at a nearby coffee shop while awaiting his target, Commissioner Jessica Tisch said at an unrelated news conference.
The 26-year-old Mangione’s was charged with murder in the shooting last week in midtown Manhattan of Brian Thompson, who led the United States’ largest medical insurance company.
Authorities have said that writings found in Mangione’s possession hinted at a hatred of corporate greed.
They have recovered a spiral notebook that Mangione kept, along with a three-page handwritten letter found when he was arrested, a law enforcement official said Wednesday. Police have not disclosed what was in the notebook.
The letter, found when Mangione was arrested on Monday in Altoona, Pennsylvania, teased the possibility that clues to the attack – “some straggling notes and To Do lists that illuminate the gist of it” – could be found in the notebook, the law enforcement official said.
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By Associated Press
The gun found on the suspect in the killing of United Healthcare’s CEO matched shell casings found at the site of the shooting, New York’s police commissioner said on Wednesday.
Suspect Luigi Mangione’s fingerprints also matched a water bottle and a protein bar wrapper that police found near the scene and that officials say the gunman bought at a nearby coffee shop while awaiting his target, Commissioner Jessica Tisch said at an unrelated news conference.
The 26-year-old Mangione’s was charged with murder in the shooting last week in midtown Manhattan of Brian Thompson, who led the United States’ largest medical insurance company.
Authorities have said that writings found in Mangione’s possession hinted at a hatred of corporate greed.
They have recovered a spiral notebook that Mangione kept, along with a three-page handwritten letter found when he was arrested, a law enforcement official said Wednesday. Police have not disclosed what was in the notebook.
The letter, found when Mangione was arrested on Monday in Altoona, Pennsylvania, teased the possibility that clues to the attack – “some straggling notes and To Do lists that illuminate the gist of it” – could be found in the notebook, the law enforcement official said.
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By Reuters
Meta’s Facebook and Instagram were down for thousands of users across the United States on Wednesday, according to outage tracking website Downdetector.com.
There were more than 27,000 incidents of people reporting issues with Facebook and over 28,000 with Instagram, in an outage that started around 12.50pm US Eastern Time.
WhatsApp, Meta’s messaging application, was also down for more than 1,000 users, according to Downdetector.com.
Downdetector’s numbers are based on user-submitted reports. The actual number of affected users may vary.
Meta said it is aware of a technical issue impacting users’ ability to access its apps.Some WhatsApp users were also affected by the outage. Photo illustration: AFP
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